v3.25.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Income (Loss) before Income Tax, Domestic and Foreign
The components of loss before income taxes were as follows (in thousands):
Year Ended December 31,
202520242023
Domestic
$(1,068,357)$(935,487)$(1,151,493)
Foreign
332 (1,013)(6,990)
Loss before income taxes
$(1,068,025)$(936,500)$(1,158,483)
Schedule of Provision for (benefit from) Income Taxes
The components of the provision for/(benefit from) income taxes were as follows (in thousands):
Year Ended December 31,
202520242023
Current provision for/(benefit from) income taxes:
Federal
$— $— $(144)
State
1,578 2,007 (561)
Foreign
3,355 2,691 1,255 
Current provision
4,933 4,698 550 
Deferred benefit from income taxes:
Foreign
(1,340)(584)(96)
Deferred benefit
(1,340)(584)(96)
Total provision for/(benefit from) income taxes:
Federal
— — (144)
State
1,578 2,007 (561)
Foreign
2,015 2,107 1,159 
Provision for/(benefit from) income taxes
$3,593 $4,114 $454 
Schedule of Effective Income Tax Rate Reconciliation
The provision for/(benefit from) income taxes differs from the statutory tax rate, expressed as a percentage of loss before income taxes, as follows (in thousands, except percentages):
Year Ended December 31,
202520242023
U.S. federal statutory tax rate
$(224,286)21.0 %$(196,666)21.0 %$(243,281)21.0 %
State and local income taxes, net of federal income tax effect (1)
1,578 (0.1)%2,007 (0.2)%(561)0.1 %
Foreign tax effects1,630 (0.2)%599 0.0 %2,263 (0.2)%
Tax credits:
Research and development credits(113,450)10.6 %(51,706)5.5 %(44,131)3.8 %
Change in valuation allowance635,965 (59.5)%271,618 (29.0)%260,156 (22.5)%
Nontaxable or nondeductible items:
Stock-based compensation(302,618)28.3 %(25,719)2.7 %23,192 (2.0)%
Other3,865 (0.4)%2,911 (0.3)%2,380 (0.2)%
Changes in unrecognized tax benefits
315 0.0 %1,721 (0.2)%364 0.0 %
Other adjustments
594 0.0 %(651)0.1 %72 0.0 %
Provision for/(benefit from) income taxes
$3,593 (0.3)%$4,114 (0.4)%$454 0.0 %
(1)In 2025 and 2024, state and local income taxes in Texas made up the majority (greater than 50 percent) of the tax effect in this category. In 2023, state and local income taxes in Illinois and Texas made up the majority (greater than 50 percent) of the tax effect in this category.
Schedule of Net Cash Paid for Income Taxes Refunds Received
Net cash paid for income taxes/(refunds received) is as follows (in thousands):
Year Ended December 31,
202520242023
U.S. federal$— $— $7 
U.S. state and local:
   Illinois(850)*1,141 
   Pennsylvania*(621)*
   Texas1,119 909 754 
   Virginia607 *301 
   Other478 (487)168 
Subtotal1,354 (199)2,364 
Foreign:
   Canada307 *391 
   India520 **
   Japan*963 *
   Netherlands657 **
   Other280 377 383 
Subtotal1,764 1,340 774 
Total income taxes paid (net of refunds)
$3,118 $1,141 $3,145 
* The amount of income taxes paid (net of refunds) during the year does not meet the 5% disaggregation threshold or is immaterial.
Schedule of Deferred Tax Assets and Liabilities The following table presents the components of the Company’s deferred tax assets/(liabilities) for the periods presented (in thousands):
As of December 31,
20252024
Deferred tax assets:
Accrued expenses
$26,621 $17,730 
Intangible assets
6,028 2,050 
Deferred revenue
348,089 285,033 
Net operating loss carryforwards
800,321 599,380 
Tax credit carryforwards
422,107 234,868 
Stock-based compensation
31,983 31,089 
Operating lease liabilities183,443 186,229 
Capitalized research and development979,811 605,278 
Other
2,257 5,650 
Total gross deferred tax asset
2,800,660 1,967,307 
Less: valuation allowance
(2,319,702)(1,551,700)
Net deferred tax assets
480,958 415,607 
Deferred tax liabilities:
Fixed assets
(34,745)(40,178)
Operating lease right-of-use assets(149,883)(155,121)
Deferred cost of revenue(294,550)(219,859)
Total deferred tax liabilities
(479,178)(415,158)
Net deferred tax assets/(liabilities)
$1,780 $449 
Schedule of Unrecognized Tax Benefits Roll Forward
A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows (in thousands):
Year Ended December 31,
202520242023
Unrecognized tax benefits at beginning of year
$261,155 $172,389 $96,372 
Increases related to current year tax positions
88,821 89,881 59,917 
Increases related to prior year tax positions
275 61 16,100 
Decreases related to prior year tax positions
— (1,176)— 
Unrecognized tax benefits at end of year
$350,251 $261,155 $172,389